Bitcoin shrimp adds record BTC to its holdings in November

• The Bitcoin price plunge after FTX’s implosion in November gave shrimp – people with less than 1 BTC an opportunity to add to their balances at low prices.
• According to new chain data tracking shrimp holdings, the cohort bought 96.2,000 BTC more in the 30 days after FTX collapsed.
• Cohort’s holdings saw an all-time balance increase in the month and currently hold about 6.3% of the bitcoin supply of 1.21 million.

Despite the continued sell-off across the crypto market over the past month, Bitcoin ‘shrimps’ – wallets with less than one BTC – have added massively to their total balances since FTX’s implosion.

According to the latest data compiled by crypto exchange Bitfinex, investors have sold Bitcoin at a loss over the past 30 days as contagion fears and other macro factors combined to lower sentiment. But amid the widespread selling, there has been a significant build-up of both shrimp and “crabs” – wallets with up to 10 bitcoin.

Analysis of the chain balances of these two cohorts suggests that a proportion of small retail investors have indeed been unaffected by the negative sentiment and turmoil around FTX. Quite simply, wallets with less than 10 BTC have used the drop in prices to buy Bitcoin.

Reker has added 96.2k BTC since the beginning of November

As some investors panic-sold after the shocking news of FTX’s collapse, a few took the opportunity to buy low. In November, the Bitcoin price fell sharply below $20,000 and went all the way to levels below $16,000.

Weak hands sold as hodlers exploited. And according to the Bitfinex report, it’s not just whales that may have seized on the prevailing selloff.

Shrimps who bought dip managed to add more than 96,000 bitcoins to their wallets. In fact, data puts it down to 96.2k BTC that shrimp bought since the FTX collapse, with the purchases accounting for an all-time high increase in the cohort’s wallet balance.

According to the statistics, Shrimp now holds more than 1.21 million bitcoins to make up about 6.3% of the benchmark cryptocurrency’s circulating supply.

At the time of writing, on-chain data puts a circulating supply of Bitcoin at 19.23 million coins, while addresses richer than $1 stand at nearly 34 million.

Wallets with less than 10 BTC also buy the dip

Crab, as mentioned above, are wallets that contain less than 10 bitcoins. Data from Glassnode shows that this cohort bought 191.6k BTC within 30 days of FTX’s collapse. The group’s net position change during this period also saw its total balance increase by a record high, with the month higher than in July 2022 when crabs bought 126k BTC following the May/June turmoil.

So what do these statistics show? According to the report, their likely retail investors are breaking from past behavior of heavy selling during bear cycles.

Investor bullishness on Bitcoin is thus a sign of the new wave of resilience, even as the market stares at potentially more pain with the Bitcoin price nearing $17,000.